Built in 1986, the Citadel is 88% leased to such major tenants as RBS Capital, New York Life and AG Edwards. KBS represented itself in the purchase. The seller was represented by Mary Sullivan and Timothy Swan of CB Richard Ellis in Denver.
The location of the Citadel is in south central Denver on the southwest bank of Cherry Creek. The property is three miles from the Central Business District and 20 miles from the Denver International Airport. The building is a triangular office structure with a two-level underground garage on a site of more than 1.5 acres.
Amenities near the property include the Cherry Creek Mall, two hotels within walking distance and a wide variety of restaurants. The site is also close to outdoor recreation, banking and other retail developments.
Buyer KBS Realty Advisors was founded by Peter Bren and Chuck Schreiber in 1992 as a private equity real estate company and is a SEC-registered investment advisor. KBS Realty Advisors and its affiliate, KBS Capital Advisors, invest in, manage and sell US commercial real estate assets for institutional, corporate and private investors. Since 1992, KBS has completed transactions totaling approximately $14.5 billion via 19 separate accounts, six commingled funds and two private equity REITs.
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